Have you built a sellable practice that you “could” sell if you wanted to? Or at least enjoy for the remainder of your career?
Or maybe you want to continue practicing forever but wouldn’t mind slowing down and taking more time off to enjoy life like you have promised yourself for years.
How to Build a Sellable Practice for Plastic Surgeons
Very few surgeons are positioned to sell or even slow down. They found/find it to be way more difficult than anticipated….
…. feast or famine months, chaos, staffing issues that never end and so on.
Reasons why your business is not sellable
- One is because as you go through surgical training, you were trained to do it yourself. You were trained to figure it out and to rely on yourself. You didn’t have any formal business training. So now that you’re the boss, nobody is going to fire you or hold you accountable.
- Two is because as the surgeon, you are also the CEO, but also the technician and main revenue generator. And you are responsible for creating a culture and leading a team. That’s a tall order.
However, if you don’t figure out the business side of your cosmetic practice, you don’t have a business. All you have is a job. And, by the way, if you don’t have a business, you have nothing to sell.
And so many in practice have this grand delusion that someday, someone is going to buy their practice for a nice amount. So they enjoy a cushy financial future at retirement.
But until you can create something that someone wants to pay for. You don’t have a sellable asset or a practice you enjoy running day after day.
Something has to change and it’s better the change be on your terms vs. change being foisted upon you via a wakeup call you didn’t expect or want (health issue, accident, etc.)
The trick is to run your practice like a business since the concepts are the same.
Here are 3 areas to focus on to build a sellable asset (or just enjoy):
Build a Solid Team
The most important decisions you will make are WHO decisions. Who will you hire to support you and represent your practice professionally.
You can’t do it all yourself, so you must rely on others. A good way to think about staff is that they are an asset to you and not an overhead expense.
You will treat them more professionally with that perspective and they will, in turn, act more professional.
So, to get the right people on board, develop a hiring system just like other protocols you develop. The trick is to take your time to get to know possible new hires to be sure they fit with your values and culture.
Then give them the tools they need to be productive. That includes systems, technology, feedback and accountability so they stay on their game.
But then build in fun and celebrate practice wins so everyone feels they are progressing and working for a winning practice.
Build Processes for a Sellable Practice
Do you feel like a task master more than a visionary?
Are you afraid if you are not watching like a hawk, things will fall through the cracks?
Do you dread going on vacation because you don’t trust what happens when you’re not there?
A better way to run your practice is with clarity and accountability. You do that by assigning key tasks to specific people who are 100% responsible for their progress and numbers by reporting them regularly back to you.
Develop your own practice playbook outlining processes and specific tasks to get the job done. But go one step further. Have the person responsible for that task explain, in detail, HOW you do each task.
Document the “How To” steps so anyone can follow the instructions, even if they are not familiar with that position.
This way, even if you are blindsided by a key person suddenly leaving or people calling in sick, it’s not a catastrophe because you have a backup plan.
Build a Predictable Patient Lead System
If your idea of running a practice is to look at your checkbook to see if there is money there, it’s time to step up your marketing plan.
You don’t hope there’s money when you have a game plan for attracting new patients that keeps your revenues steady because you have “many poles in the pond” testing different bait.
You no longer count on one marketing channel to bring you all the patients you need, since it’s all subject to change in today’s world.
I suggest you map out a plan for internal AND external marketing channels proven to work to get you new patients.
To keep it simple, designate half of your marketing budget to external: website design, SEO, directories, PPC and have to relationships: word-of-mouth, other provider referrals, social media, community events and networking.
This way, if one channel suddenly stops working, you use the other channels to pick up the slack while you figure out what the issue is.
When the above is done right, you now have clarity. You and your staff know the game plan and you work towards it every day. Because you now have the foundation and structure that builds a sellable practice faster and more profitably, while you have more fun with a team you enjoy working with 😉